Provident Acquisition Corp. (PAQCU) Prices $200M IPO

Provident Acquisition Corp. announced the pricing of its $200 million IPO this evening and its units are expected to begin trading on the Nasdaq under the symbol “PAQCU” Friday, January 8.

The new company aims to combine with a consumption-focused business with disruptive growth potential that have operations or prospective operations in Asia. Provident is led by Executive Chairman Winato Kartono alongside CEO and CFO Michael Aw Soon Beng and President Andrew Joseph Hoffman.

Total SPAC deal count for 2021 year-to-date is now 19 with $4.8 billion in gross proceeds raised. This offering is expected to close on Tuesday, January 12.

Citigroup Global Markets Inc. is acting as sole bookrunner in the offering. Davis Polk & Wardwell LLP is serving as Issuer’s Counsel with White & Case LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.